Altice's Stock Trades Above Issue Price In Year's Second-largest IPO

Shares of Altice USA were trading at $32 Thursday morning, above its issue price, as the cable-operator made its debut on the New York Stock Exchange as the second-largest initial public offering of the year. Altice sold 63,943,029 shares at $30 each to raise $1.9 billion, putting it just behind Snap Inc. , which raised $3.9 billion in March. The $30 issue price gave Altice a public market capitalization of more than $20 billion. Altice sold about 12 million of those shares, while the rest were sold by shareholders. BC Partners and the Canada Pension Plan Investment Board have granted underwriters a 30-day option to buy 7.78 million additional shares.J.P. Morgan, Morgan Stanley, Citigroup and Goldman Sachs & Co. are the underwriters on the offering.